Markets & Finance

Willamette Rejects Weyerhaeuser's Raised Bid

Willamette Industries (WLL) rejects a $6.1 billion unsolicited takeover offer from hostile suitor Weyerhaeuser Co. (WY). The forest products company says it will continue negotiations to acquire a building materials unit of Georgia-Pacific Corp. (GP). In December, Weyerhaeuser raised its offer for Willamette by 10% to $55 a share and said it was its final bid. Weyerhaeuser launched its original a bid for Williamette in November 2000. (1/4)

Dynegy (DYN) says it will acquire Enron's (ENE) Northern Natural Gas pipeline by the end of January for $23 million. DYN is exercising an option to acquire the pipeline if its merger agreement with Enron collapsed. DYN also extends Enron's option to repurchase the pipeline from May 9 to June 30. (1/4)

Peoples Bancorp Inc. (PEBO) says it has agreed to acquire Ohio rival First Colony Bancshares for $18 million in cash and assume $2 million of the closely held company's debt. (1/4)

Rasmala Buyout Fund LP begins a cash tender offer to acquire all shares of Aramex International (ARMX) for $12 each. (1/4)

Newmont Mining Corp. (NEM) raises its bid for Australia's Normandy Mining Ltd. to about $2.2 billion. Newmont increases the cash portion of its offer by 10 Australian cents (about five U.S. cents) a share to 50 Australian cents a share in cash and 0.0385 Newmont share for each Normandy share, valuing Normandy at A$1.91 a share. The offer tops AngloGold Ltd.'s (AU) A$1.85-a-share cash-and-stock bid, comprising 30 Australian cents in cash and 2.15 shares of AngloGold for each Normandy share. (1/3)

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